Form 8962 Reconciliation Low Income

[DobynsT]

I am attempting to complete the 8962 form and reconcile my actual income versus what the expected income on my 1095-A is based on. I forgot to notify the healthcare marketplace of a change in income for the 2022 tax year and as far as I have read to instructions for the form there is no way to actually reconcile in that situation and follow the instructions given. My income was less than 100% of the poverty line and when entering my information it is giving me a rebate which doesn't seem correct to me. Is there a way to reconcile this? Is there something I am missing?

[TeresaM]

Form 8962 uses a modified adjusted gross income to determine eligibility, so that may be different than your regular adjusted gross income.

For additional information, please click for this TurboTax Help article: Difference Between AGI and MAGI on Your Taxes .

 

 

Also, there are exceptions to the 100% rule.

You may qualify for the PTC if your household income is less than 100% of the federal poverty line and you meet all of the following requirements.

No one can claim you as a dependent for the year.

You or an individual in your tax family enrolled in a qualified health plan through a Marketplace.

The Marketplace estimated at the time of enrollment that your household income would be at least 100% of the federal poverty line for your family size for 2022.

APTC was paid for the coverage of one or more months during 2022.

You otherwise qualify as an applicable taxpayer (except for the federal poverty line percentage).

You do not meet the requirements under Estimated household income at least 100% of the federal poverty line if:

No APTC was paid for your or your family's coverage; or

You, with intentional or reckless disregard for the facts, provided incorrect information to a Marketplace for the year of coverage. See Pub. 974 for more information.

If this does not completely solve your question, please let us know more details, so we may better assist you.